Marine underwriters merge through acquisition

Marine underwriter Harlock Williams Lemon Ltd. (HWL) is buying Murray Underwriting Ltd., to become one of the top five marine carriers in the country.Harlock Murray Underwriting Ltd. will have annual revenues of $25 million. “The markets and staff of the two companies complement each other extremely well, and this merger is seen as a great opportunity to utilize combined strengths to enhance service to the marine underwriting industry in North America,” says HWL president Richard Race. The merged operation will write commercial hull and machinery, commercial protection and indemnity, pleasure craft, and primary and excess liability.HWL is owned by Alberta’s The Sovereign General Insurance Co. Ltd. and U.K.-based Sunderland Mutual Marine Insurance Ltd.The deal is expected to close on September 30, pending regulatory approval, with the actual operations merging on January 1, 2004.